The new entity is is expected to have a 69 GW installed base worldwide and revenue of €9.3bn (Source: Getty)

Jessica Morris

The world's biggest wind farm maker will be created out of a proposed partnership between German engineering group Siemens and Spain's Gamesa.

Siemens will take a 59 per cent stake in the new entity which is expected to have 69 gigawatts of turbines installed worldwide as well as revenue of €9.3bn (£7.3bn), it said in a statement today. It's also making a one-off cash payment to Gamesa shareholders.

"The combination of our wind business with Gamesa follows a clear and compelling industrial logic in an attractive growth industry, in which scale is a key to making renewable energy more cost-effective," Joe Kaeser, president and chief executive of Siemens, said.

"With this business combination, we can provide even greater opportunities to the customers and value to the shareholders of the new company."​